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    Home»Retirement planning»PBGC approves $66 million for Machinist Motor City pension plan
    Retirement planning

    PBGC approves $66 million for Machinist Motor City pension plan

    December 22, 20221 Min Read
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    Executive Benefits and Compensation

    By Bloomberg Law Automation

    December 22, 2022, 7:15 p.m.

    The Pension Benefit Guaranty Corporation approved the International Association of Motor City Machinists’ pension plan for a $66 million infusion of financial assistance, according to the agency on Thursday.

    The plan, based in Troy, Michigan, will receive the money under the special financial assistance program enacted under the American Rescue Plan Act of 2021, which will allow it to pay future benefit payments. pension without reduction. The plan includes 953 participants from the manufacturing industry, the agency said.

    The Machinists Motor City Plan previously suspended benefits under the Multiemployer Pension Reform Act of 2014 to address…

    Bloomberg Law Automation

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